Wall Street investors are always in the mood for a good corporate scandal, particularly when it involves the initial public offering of so-called “New Economy” companies such as WeWork, the provider of shared working spaces headquartered in Manhattan. The WeWork IPO had become a buzz-worthy topic of discussion on Wall Street; by September 2019, it had all the makings of a Silicon Valley drama despite the fact that this company does not exactly operate in the technology sector. The ouster of CEO and co-founder Adam Neumann was shocking enough because it resulted in details of his wild style of management being made public, and WeWork opted to suspend its IPO for the time being.
Prior to the delay of its IPO, WeWork had already expanded its shared working spaces to the United Arab Emirates with two office hubs: one in Abu Dhabi and the other in Dubai. The stylish office design, gourmet coffee bar, broadband internet, lounges, and fruit water flowing throughout the day have been part of WeWork’s expansion into the UAE, and Ras Al Khaima could have been next, but the company has revealed that it is in serious need of cash.
Once you get past the dramatic tidbits of WeWork, you can see that its business model is well-positioned for the 21st century, and it is by no means a revolutionary concept. Providing shared workplaces is something that companies such as Regus, which is headquartered in Luxembourg, have been doing since the previous century, but they lacked the pizzazz of WeWork. The good news for business people in need of flexible working spaces in Ras Al Khaimah is that Regus is moving into town, and the interior design of its planned business center looks just as good as what WeWork is known to provide.
Why Ras Al Khaimha is Turning Into a Haven for Startups and Entrepreneurs
In the mid-1980s, RAK ruler Sheikh Saud bin Saqr Al Qasimi envisioned his Emirate becoming a business and technology hub. The industrialization of RAK started with ceramics, an industry that quickly flourished and further developed into advanced materials research along with construction. Complete economic reform was next in the agenda of His Highness, and he borrowed a page from Dubai’s book of promoting the Emirate as an attractive destination for doing business.
The Ras Al Khaimah Economic Zone (RAKEZ) is a business initiative that has already garnered interest among domestic and international companies operating across dozens of sectors. RAKEZ was established by His Highness with the intention of making it easy for entrepreneurs and startups to pursue their business goals. The building blocks that entrepreneurs need to launch and start operating their companies can be found across the various RAKEZ sections, which include:
* Al Hulaila for industrial manufacturing.
* RAKEZ Academics for educational companies.
* Al Hamra for electronics manufacturing.
* Al Ghail for major industrial projects such as commercial construction and automotive assembly.
* RAKEZ Media for marketing and communications.
* RAKEZ Business for intellectual property, corporate operations and B2B.
The goal of RAKEZ is to function as a highly efficient business sandbox. The fierce competition and hectic business lifestyle of Dubai is not what RAK is about; the atmosphere is more laid back and less bureaucratic. The RAKEZ has grown considerably, which is why Regus has chosen a good time to start providing flexible working spaces in this Emirate. Quite a few B2B startups are setting up shop in RAK for the purpose of offering goods and services to the companies already operating in the RAKEZ; others want to target the sizable business hub of Dubai, but they find RAK to be more affordable and peaceful. With regard to getting licenses and operating permits, RAKEZ strives to be more efficient than Dubai.
For business hopefuls who believe that timing is everything, RAK presents a great opportunity as we enter the third decade of the century. The strategic location of RAK, which is a 40-minute drive away from Dubai, has motivated B2B entrepreneurs to make RAKEZ their headquarters. Establishing an office in RAK and commuting to Dubai is an emerging business trend, and being able to rent office space from Regus or WeWork in both Emirates gives entrepreneurs and self-employed professionals greater flexibility.